GoldmanSachs666 Message Board

Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Saturday, February 23, 2013

Rob Urie has written an article called Masters of Fraud (The Untouchables) that details how corrupt bankers like Goldman Sachs profited from their fraudulent CDOs while at the same time causing economic calamity for millions of people around the world who lost their jobs, their homes, their pensions and their savings.

The so-called recovery has benefited only the top 1% of income earners who are otherwise known as the ruling plutocracy of which Goldman Sachs is the exemplar.

With the remainder of Mr. Obama’s Grand Bargain on
(temporary) hiatus, the question for the moment is: five years into a
purported economic recovery, why would re-instating the payroll tax to
its prior level cause undo hardship among America’s working poor? Mr.
Saez provides the answer—in 2007 the incomes of rich and poor alike fell
off the proverbial cliff. The incomes of the rich have largely
recovered thanks to bank bailouts, stealth transfers, ‘Quantitative Easing’ that lifts financial asset prices
and ongoing government guarantees of the financial system, while the
incomes of the lower 99% have continued to decline. The only source
bridging this shortfall for all but the very rich has been the Federal
government. Re-instating the full (regressive) payroll tax appears to be
causing a near instantaneous reaction from the American ‘consumers’
who, because of its regressive nature, would be expected to be most
affected by the change. Until there is a recovery in the ‘private’
economy that boosts incomes and employment, any reduction in government
payments will quickly become evident in the economies of the growing
numbers of poor and near poor. And any suggestion from the wealthy that
they, the wealthy, are not the ‘dependent’ class is an ignorant lie.
Remove government support for the financial economy and stealth wage
subsidies for the rich and this would be evident within minutes.

What then is the relation between the bank lending fraud behind the
housing bubble, the continuing decline in the economic fortunes of the
great majority of the population and government ‘efforts’ to restore a
functioning economy? Bank lending fraud produced three main outcomes—(1)
wildly inflated house prices, (2) the placement of a significant
proportion of the population into permanent debt servitude against
houses now worth far less than the money owed against them and (3) crashing the global financial system, and with it the global economy.
In the aggregate, those with mortgages now earn less than they did when
they took out the mortgages and the houses they bought / re-financed in
the housing bubble are worth less than the mortgage amounts owed
against them. In this context, government efforts to restore the Wall
Street banks behind this fiasco while doing little / nothing to
extinguish the ill-gotten debts leaves most Americans (and peripheral
Europeans) in a debt-deflationary spiral. Put another way, companies
won’t hire despite alleged government efforts to ‘fix’ the economy
because as they see it, the economy has still not been fixed. Those that
are hiring are systematically underpaying labor because of weak labor market conditions.
And banks (thankfully) won’t lend because they’ve turned their
prospective retail customers into debt slaves unqualified for additional
credit because of the economic circumstances they (the banks) created.

GS666 #4 on TopSites List

Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

Together We Can Make A Difference!Larry Rubinoff*************Send your "Famous Quotes" to info@goldmansachs666.com